Jimster, I've had this argument a dozen times over.
Only an idiot puts all his money in a single item. Gold is good sometimes, land is good sometimes, water and gasoline are good sometimes, nothing is a good investment all the time.
The argument usually gets around to "which would you rather carry, gold or ammo?"
Pull out a loading scale (you have one, right?). One troy ounce, what gold is measured in, is 480 grains. See how many center fire loads make up 480 grains. About 2, right? About ten .22LRs?
I'd rather carry both. Gold an ammo are not allergic to each other; you can carry both in your pocket at once.